Niskayuna School District funds miscalculated
The Niskayuna Central School District was faulted for using too much of its reserve funds in an audit released today by the New York State Comptroller’s Office.
A full story on the audit can be found HERE.
The audit, which covered the period from July 1, 2010 through March 31, 2012, found that the district had miscalculated the amount of its fund balance, or surplus, which resulted in a deficit in that fund of $1.5 million at the end of the 2010-2011 year.
The entire audit is available below.
School officials planned to tap $4.1 million at the end of the 2010-2011 school year to use toward the 2011-2012 budget. Of that, $1.1 million came from funds the district sets aside for tax challenges, debt payments and retirement contributions. The other $3 million was going to come from the so-called unrestricted fund balance, which is money that isn’t earmarked for anything.
However, the district ended up with a deficit by tapping more money from the fund balance than it actually had.